ABA offers Virtual Accounts solution for businesses
ABA Bank has launched the ABA Virtual Accounts service to bring a smart and cost-effective solution for business owners. Virtual Accounts, commonly referred to as ‘shadow accounts’, are non-physical bank accounts created under a single business bank account, thus eliminating the need to hold multiple accounts. This saves operational cost of managing cash across multiple accounts.
The service is aimed for businesses facing large volume of payments and delayed reconciliations due to a large number of suppliers and/or vendors. It enables business customers to segregate cash management within a single bank account by creating multiple virtual accounts and assigning them to a paying customer, distributor or agent and view each payer’s statement instantly.
With Virtual Accounts, businesses can now centralize their accounts payables and receivables, gain enhanced visibility, control and efficiencies through automated, real-time reconciliations, and finally, increase cost efficiencies and sales via faster release of customers’ credits.
ABA Virtual Accounts is offered free for all ABA corporate customers. It is a part of ABA’s iBanking for Business platform and can be used in conjunction with other services such as Host-to-Host solution and other great features. ABA iBanking for Business is essentially a one-stop financial solution for businesses to enjoy greater efficiency and flexibility as you can simply go online to manage the company’s finances, tailored to your business needs.
For further details of Virtual Accounts service, please visit its webpage on our website.